| Countdown to China Hotel Investment Summit 2006 - 7 Days | Return to Headlines |
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Co-hosted by the largest global hospitality consulting firm - HVS International, together with the leading institution for hospitality education in China - Beijing International Studies University, CHIS 2006 promises a whole new experience for hotel investment in China. We will meet the CHIS 2006 'China Hotelier of the Year' as well as the recipient of the 'Hospitality Excellence Award'. More details are available at our summit portal at http://www.chisummit.com. For more information, kindly email: [email protected]. CHIS 2006 'Winning Strategies For
Hotel Investment in China' (CHIS 2006) |
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| Asia's Developing Economies to Slow to 7.2% in 2006 | Return to Headlines |
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According to estimates from the Asian Development Bank (ADB), gross domestic product (GDP) growth in Asia's developing economies will slow down but stay robust at 7.2% this year, from 7.4% in 2005, but the outlook could worsen due to bird flu fears and high oil prices. ADB expects the economies of China and India to expand this year by 9.5% and 7.6%, respectively. Growth forecasts for Southeast Asia was raised to 5.5% from September's forecast of 5.4%. While growth in developing Asia will largely be fuelled by an expansion in major industrial economies and an increase in global trade, the effect of the higher oil prices will likely affect consumption this year. |
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| Hilton to Manage Shanghai Xintiandi Hotel | Return to Headlines |
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Hilton Hotels Corp has signed an agreement to manage a 362-room five-star hotel in downtown Xintiandi, Shanghai. The Conrad Shanghai is scheduled to open in mid-2008 and will feature a spa, meeting and recreational facilities, and two stand-alone annexes housing food and beverage outlets. The project is being developed by Shanghai Li Xing Hotel Ltd, a joint venture between Shanghai Hotel Investments Ltd and Shui On Private Group. The Conrad Shanghai will be the third Conrad branded hotel in China, after Conrad Hong Kong and Conrad Beijing which is scheduled to open in 2008. |
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| Pan Pacific Hotels And Resorts Signs on Second Property in Chiang Mai, Thailand | Return to Headlines |
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Pan Pacific Hotels and Resorts confirmed that the company will manage a new hotel property in Chiang Mai, Thailand. This newly named property, Pan Pacific Chiang Mai, will be the second property that the Pan Pacific hotel group manages in Thailand. Previously a condominium complex, under the V Group Property Co. Ltd, the condominium development is undergoing a conversion to a 300-room deluxe hotel and will open in October 2006. Pan Pacific Chiang Mai is a significant addition to Pan Pacific Hotels and Resorts, who already manage the Pan Pacific Bangkok and is widely recognized for setting international standards complemented with local diversity. |
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| Sale of The Sofitel Wentworth, Sydney | Return to Headlines |
| Tourism Asset Holdings (TAHL) has bought from City Freeholds the five-star Sofitel Wentworth Hotel, one of Sydney's top properties, for approximately US$110 million, reflecting a price of approximately US$260,000 per room. The Sofitel Wentworth was recently refurbished for US$44 million and features 431 rooms. The deal gives TAHL an even stronger portfolio ahead of a rumored tie-up with the General Property Trust Group to create a listed hotel vehicle with assets valued at as much as US$1.3 billion. | |
| Grand Mercure Suites to Open in Northern Queensland, Australia | Return to Headlines |
| The Grand Mercure Suites Mackay, expected to open in September 2006, will add 80 one- and two-bedroom deluxe suites into the region's tourism infrastructure at a time when local hotels are struggling to provide sufficient rooms to satisfy the demand from business and leisure travelers. The seven-storeys, US$22 million development, will be the first internationally-branded hotel to open in the Mackay’s central business district and will feature conference facilities for up to 200 persons, two restaurants, three bars, a gaming lounge, a lap pool, a fitness and 30 retail units. | |
| Absolute Share Price Performance, as at 14 April 2006 |
